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Naira Dips Against Dollar As Oil Price Rises To $48.05 - Business - Nairaland

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Good News For Nigeria As Oil Price Rises To $55.61 / Naira Strengthens Against The Dollar As Bdc Intervention Goes On / SEE The Nigerian Naira's Exchange Rate To The Dollar As At Today (2) (3) (4)

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Naira Dips Against Dollar As Oil Price Rises To $48.05 by WomanWrappa(m): 12:20am On Aug 16, 2016
Peter Egwuatu, with agency report
LAGOS—The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut.

Data from market intelligence firm, Genscape, estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures, last week, added to the bullish sentiment.

Meanwhile, the naira lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the Pound Sterling and the Euro respectively. At the Bureau De Change (BDC) segment of the market, the naira closed at N385, N505 and N420 against the dollar, Pound Sterling and the Euro, respectively.

The naira, however appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday. Traders at the market said that the demand for dollars was still on the high side. The market was eagerly awaiting the sale of foreign exchange by banks to BDCs during the week.

Oil extends rally to five-week highs on talk of producer action

Brent crude rose $1.08, or 2.3 percent, to $48.05 a barrel after rising to $48.10 earlier, its highest since July 7. Brent has gained about 10 percent cumulatively in the past three sessions, its most in such a stretch since May. Since the start of August, it is up 12 percent.

U.S. West Texas Intermediate (WTI) crude gained $1.06, or 2.4 percent, to $45.55, after rallying earlier to $45.61, a peak since July 21. WTI has gained nearly 10 percent on the month. Members of the Organisation of the Petroleum Exporting Countries are to meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from September 26-28.

Russian Energy Minister Alexander Novak bolstered hopes yesterday that oil producing nations could take action to stabilise prices, telling a Saudi newspaper that his country was consulting with Saudi Arabia and other producers to achieve market stability.

“With Russia joining the chorus, an array of bullish oil ETFs saw a sizeable influx of capital that lifted crude values by more than $5 a barrel off recent lows,” said Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates.

“While we see very little possibility of an actualisation of curtailed OPEC output, there will likely be enough chatter during the next five to six weeks to deter selling in allowing WTI to gravitate at around the $45 area, at least through the second half of this month,” he added.

But other analysts were sceptical that the rally would continue. “In our view a renewed price correction cannot be ruled out if market participants start focusing on the supply side again, for the latest drilling activity figures in the U.S. cast doubts that the oversupply is really being eroded,” Commerzbank analyst Carsten Fritsch said in a note.

There are also doubts that Saudi Arabia and other major OPEC members such as Iran will put aside a market share battle in order to prop up prices.

On the demand side, the world’s three biggest economies – the United States, China and Japan – all published downbeat economic data between Friday and Monday that could signal an erosion soon in oil demand.


http://www.vanguardngr.com/2016/08/naira-dips-dollar-oil-price-rises-48-05/
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Mrakthedream(m): 1:28am On Aug 16, 2016
Ok
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by ibroh22(m): 1:40am On Aug 16, 2016
.
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by gandyluv(f): 1:50am On Aug 16, 2016
good news.we still have hope

1 Like

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by thedarksider: 2:43am On Aug 16, 2016
why is it rising??...it doesnt suppose to rise...

maybe the nigerian output is very low....we still dont win....

2 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by thedarksider: 2:45am On Aug 16, 2016
gandyluv:
good news.we still have hope

i dont think so.......i suspect the nigerian output is too low.....nigeria is one of the major players in opec....iran and saudi-arabia surely didnt reduce output....

it will fall back down quick....
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Flyingngel(m): 3:42am On Aug 16, 2016
Niara is going down like no man's business.

14 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Standing5(m): 4:02am On Aug 16, 2016
By the time oil hits $60pb some persons will shít in the pants.

1 Like

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by jericco1(m): 5:26am On Aug 16, 2016
its not a new thing nau
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Soneh(m): 5:30am On Aug 16, 2016
i dont unerstand.is a rise in oil price not supposed to make the naira stronger?abi am i missing something

3 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by dayus444: 5:58am On Aug 16, 2016
Honestly, I believe what we need in Nigeria now is God's intervention.

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2 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Motherfucker2: 6:56am On Aug 16, 2016
Wow
I pray it keeps going down
I want a situation where $1 is exchanged for 2000 naira

15 Likes 1 Share

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by herzern(m): 6:56am On Aug 16, 2016
Motherfucker2:
Wow
I pray it keeps going down
I want a situation where $1 is exchanged for 2000 naira

21 Likes 1 Share

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by herzern(m): 6:56am On Aug 16, 2016



Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by eleojo23: 6:56am On Aug 16, 2016
Naira has been moving like this...

undecided

3 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by niceguy7(m): 6:56am On Aug 16, 2016
dayus444:
Honestly, I believe what we need in Nigeria now is God's intervention.
Obviously
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by valinda(m): 6:57am On Aug 16, 2016
B U H A R I

2 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by haconjy(m): 6:59am On Aug 16, 2016
People should stop saying naira rise against dollar until when #1=$1
or back to where GEJ Left it...

28 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by williondg(m): 6:59am On Aug 16, 2016
hmm
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by wizkidblogger(f): 6:59am On Aug 16, 2016
Na wa ooo
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Nobody: 6:59am On Aug 16, 2016
Naira keeps diving deep into devaluation nd buhari's govt keeps watching until its death

1 Like

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by justicejay(m): 7:01am On Aug 16, 2016
undecided oil price rise while naira still hit its head on rock more how is that possible? Can some one shed some light cos ko ye mi month oooo lipsrsealed
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by WilliamsChelster(m): 7:01am On Aug 16, 2016
Chai

3 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by tymgotel: 7:02am On Aug 16, 2016
Standing5:
By the time oil hits $60pb some persons will shít in the pants.
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53 Likes 5 Shares

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by loomer: 7:02am On Aug 16, 2016
What type of this is this?
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Nobody: 7:03am On Aug 16, 2016
Motherfucker2:
Wow
I pray it keeps going down
I want a situation where $1 is exchanged for 2000 naira
then ifa i make $100 dollar dey will call me a millionaire, i like ur insight but i'm not praying for it though...
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by NaLaugh: 7:03am On Aug 16, 2016
It appears even a windy day in Nigeria causes the Naira to depreciate in 2016.


I can't say it is bad news for me though. cool

3 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Kaybee14(m): 7:03am On Aug 16, 2016
It is well with our Naira. It's a gradual process though.

1 Like

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by adedayoa2(f): 7:05am On Aug 16, 2016
gandyluv:
good news.we still have hope
yes o, as na only oil we get.
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by erico2k2(m): 7:05am On Aug 16, 2016
Now I see more reason why the Economy is dying.some youths here do not even know the implication this news
Let me tell ya all.u been short changed simple
This finance team in place claims the weakened Naira was as a result of low Oik cost
So in my understanding High Oil cost was meant to strengthen the Naira right ? If we go by what they have been telling us
It's now obvious to us that the weakness of the Naira is not directly proportional to Oil cost rather to weak or non existent financial policies .

13 Likes

Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by Lincoln275(m): 7:06am On Aug 16, 2016
God dey
Re: Naira Dips Against Dollar As Oil Price Rises To $48.05 by hakeem4(m): 7:06am On Aug 16, 2016
J

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